Payday loans & motor vehicle title loans; purchase from federally chartered financial institution. (HB466)
Introduced By
Del. Lee Carter (D-Manassas) with support from co-patron Del. Ken Plum (D-Reston)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Payday loans; motor vehicle title loans; purchase from federally chartered financial institution. Prohibits a licensed payday lender or motor vehicle title lender (a licensee) from acquiring a payday loan or motor vehicle title loan from a federally chartered bank or savings institution if the terms of the loan would violate Virginia law if the loan was made by a licensee. The prohibition applies if the loan is made to a Virginia resident and if the licensee, under the terms of its purchase or acquisition of the loan, assumes or acquires rights of the federally chartered bank or savings institution as lender with respect to the loan. The measure provides that such a loan acquired by a licensee in violation of this prohibition is unenforceable against the borrower. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/07/2018 | Committee |
01/07/2018 | Prefiled and ordered printed; offered 01/10/18 18102090D |
01/07/2018 | Referred to Committee on Commerce and Labor |
01/12/2018 | Impact statement from SCC (HB466) |
01/30/2018 | Assigned C & L sub: Subcommittee #3 |
02/06/2018 | Subcommittee recommends passing by indefinitely (6-Y 1-N) |
02/13/2018 | Left in Commerce and Labor |